The company actually reported a total profit of $121.29 million, an increase of 195.5% on the previous period’s $41.05 million, although that included $76.3 million in non-recurring items, including a one-off income tax benefit of $92.9 million for APA and $7 million for APA’s interest in Southern Cross Pipelines (owners of 88.2% of the Goldfields Gas Transmission Pipeline) due to tax consolidation measures.

Also included as a non-recurring item is a $19.9 million write-off of the Mid West Pipeline, acquisition costs of $5.8 million and $2.1 million of tax benefits arising from the non-recurring items.

The operating net profit after tax excluding non-recurring items was $44.98 million, an increase of 9.59% on the previous financial year.

Managing director Jim McDonald said APA would continue to seek new pipeline acquisitions and further expand existing pipelines.

“Completion this month of the acquisition of CMS’ indirect 39.69% interest in Goldfields Gas Transmission pipeline and 100% of the Parmelia gas business in Western Australia, will strengthen APA’s core business.

“The equity raising, which partly funded the acquisition, was very well received.”

McDonald said the additional contribution from the acquisition will more than offset the contracted reduction in payments on the Moomba to Sydney Pipeline.